Recovery Report: O'Charley's Inc.'s Recovery Rating Profile Jun 11

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AbstractStandard & Poor's Ratings Services has completed a review of the recovery and issue-level ratings assigned to Nashville-based O'Charley's Inc. Inc.'s senior subordinated notes. All ratings are unchanged. Our recovery analysis incorporates a simulated default scenario that contemplates a default occurring in 2013 as a result of reduced consumer spending in a volatile economy, coupled with rising commodity costs. O'Charley's capital structure consists of a $45 million revolving credit facility due 2013 (unrated) and $125 million senior subordinated notes due 2013. The revolver is secured by mortgages on 47 of the company's restaurant properties and liens on substantially all of the company's non-real estate assets other than equipment and certain assets of smaller franchisees and domestic subsidiaries. The notes are...

Companies mentioned in this report are:- O'Charley's Inc.

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